Big Data Introduces Real Business Change

Monday, September 9, 2013 - 12:07pm

AlthoughBig Data projects have long promised to deliver significant changes to the business world, companies are beginning to recognize those metamorphoses and benefit as a result. In many cases, these developments are both financially and operationally advantageous, giving firms the power to widen the gap between themselves and competitors.

These findings were reflected in a Nemertes Research survey of more than 350 IT professionals, which revealed that nearly 60 percent of respondents with Big Data programs in place are witnessing transformative changes. Overall, approximately 39 percent of enterprises surveyed had embraced Big Data strategies, with another 31 percent planning to do so next year.

Analysts found that Big Data projects tend to bring about a change in workplace operations, often yielding significant benefits after deployment. Slightly more than half of respondents said embracing Big Data has allowed them to strategically shift their priorities, enabling them to differentiate themselves from other organizations and improve productivity.

Big Data can also be a boon to the bottom line. In fact, the study revealed that roughly 70 percent of respondents said they've seen monetary improvements after implementing the initiatives. These include generating higher revenues, improving customer retention rates, and reducing operational expenses.

Here for the long haul
Although there is significant hype still surrounding the Big Data phenomenon, most industry experts agree that the mentality associated with collecting, analyzing, and using massive volumes of information to the advantage of the business world will stick around in the future. A report by Gartner highlighted how Big Data is projected to drive $34 billion in IT spending in 2013 as organizations implement a broad range of business intelligence, predictive analytics, and cloud computing technologies to support Big Data strategies.

"Big Data is far from overhyped," said Johna Johnson, president and founder of Nemertes Research. "Our research indicates that the majority of organizations consider Big Data initiatives key to their abilities to innovate and drive value."

As the Big Data movement continues to gain momentum, forward-thinking executives need to consider how they can deploy these initiatives to gain a competitive advantage, improve internal operations, and reduce long-term IT expenses. By planning ahead and building a comprehensive, customized approach, organizations of all sizes can reap the rewards of Big Data.

Though there's no substitute for intuition in a creative industry, but big data certainly has its place in steering young designers and major fashion houses alike in the right direction for their next big show.